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Press Release: Motorola Solutions Reports -6-

· 02/04/2021 16:10
net 2 (5) (16) Losses from the extinguishment of long-term debt 56 50 - Gain from the extinguishment of 2.00% senior convertible notes - (4) (6) Changes in assets and liabilities, net of effects of acquisitions, dispositions, and foreign currency translation adjustments: Accounts receivable 90 (79) 62 Inventories (14) (74) 71 Other current assets and contract assets 167 49 (251) Accounts payable, accrued liabilities, and contract liabilities (116) 198 271 Other assets and liabilities (25) (5) (523) Deferred income taxes (25) (84) 9 --- --------- --- --------- --- --------- Net cash provided by operating activities 1,613 1,823 1,075 --- --------- --- --------- --- --------- Investing Acquisitions and investments, net (287) (709) (1,164) Proceeds from sales of investments 11 16 95 Capital expenditures (217) (248) (197) Proceeds from sales of property, plant and equipment 56 7 - --- --------- --- --------- --- --------- Net cash used for investing activities (437) (934) (1,266) --- --------- --- --------- --- --------- Financing Net proceeds from issuance of debt 892 1,804 1,090 Repayment of debt (914) (2,039) (323) Proceeds from unsecured revolving credit facility draw 800 - 400 Repayment of unsecured revolving credit facility draw (800) - (400) Issuances of common stock 108 114 168 Purchases of common stock (612) (315) (132) Settlement of conversion premium on 2.00% senior convertible notes - (326) (169) Payment of dividends (436) (379) (337) Payment of dividends to noncontrolling interest (4) (3) (1) Deferred acquisition costs - - (76) --- --------- --- --------- --- --------- Net cash provided by (used for) financing activities (966) (1,144) 220 Effect of exchange rate changes on cash and cash equivalents 43 (1) (40) --- --------- --- --------- --- --------- Net increase (decrease) in cash and cash equivalents 253 (256) (11) Cash and cash equivalents, beginning of period 1,001 1,257 1,268 --- --------- --- --------- --- --------- Cash and cash equivalents, end of period 1,254 1,001 1,257 --- --------- --- --------- --- --------- Financial Ratios: Free cash flow* $ 1,396 $ 1,575 $ 878 *Free cash flow is a non-GAAP financial measure and is calculated as Net cash provided by operating activities - Capital expenditures GAAP-6 Motorola Solutions, Inc. and Subsidiaries Segment Information (In millions) Net Sales ------------------------------------------------------------------------ Three Months Ended ------------------------------------------ December 31, 2020 December 31, 2019 % Change -------------------- -------------------- ---------- Products and Systems Integration $ 1,510 $ 1,673 (10)% Software and Services 763 704 8% --- --------- ---- --- --------- ---- Total Motorola Solutions $ 2,273 $ 2,377 (4)% --- --------- ---- --- --------- ---- ----- Years Ended ------------------------------------------ December 31, 2020 December 31, 2019 % Change -------------------- -------------------- ---------- Products and Systems Integration $ 4,634 $ 5,329 (13)% Software and Services 2,780 2,558 9% --- --------- ---- --- --------- ---- Total Motorola Solutions $ 7,414 $ 7,887 (6)% --- --------- ---- --- --------- ---- ----- Operating Earnings ------------------------------------------------------------------------ Three Months Ended ------------------------------------------ December 31, 2020 December 31, 2019 % Change -------------------- -------------------- ---------- Products and Systems Integration $ 351 $ 426 (18)% Software and Services 204 164 24% --- --------- ---- --- --------- ---- Total Motorola Solutions $ 555 $ 590 (6)% --- --------- ---- --- --------- ---- ----- Years Ended ------------------------------------------ December 31, 2020 December 31, 2019 % Change -------------------- -------------------- ---------- Products and Systems Integration $ 656 $ 994 (34)% Software and Services 727 587 24% --- --------- ---- --- --------- ---- Total Motorola Solutions $ 1,383 $ 1,581 (13)% --- --------- ---- --- --------- ---- ----- Operating Earnings % ------------------------------------------------------------------------ Three Months Ended ------------------------------------------ December 31, 2020 December 31, 2019 -------------------- -------------------- Products and Systems Integration 23.2% 25.5% Software and Services 26.7% 23.3% Total Motorola Solutions 24.4% 24.8% --- --------- --- --- --------- --- Years Ended ------------------------------------------ December 31, 2020 December 31, 2019 -------------------- -------------------- Products and Systems Integration 14.2% 18.7% Software and Services 26.2% 22.9% Total Motorola Solutions 18.7% 20.0% --- --------- --- --- --------- --- Non-GAAP-1 Motorola Solutions, Inc. and Subsidiaries Non-GAAP Adjustments (Intangibles Amortization Expense, Share-Based Compensation Expense, and Highlighted Items) Q1 2020 --------------------------------------------------------------------------------------------- Statement PBT Tax PAT EPS Non-GAAP Adjustments Line (Inc)/Exp Inc/(Exp) (Inc)/Exp impact -------------------- ------------- ------------- ------------- ------------- --------- Intangibles amortization Intangibles expense amortization $ 53 $ 13 $ 40 $ 0.23 Share-based compensation Cost of sales, expenses SG&A and R&D 38 9 29 0.17 Hytera-related legal expenses SG&A 25 6 19 0.11 Cost of sales and Other Reorganization of charges business charges (income) 18 4 14 0.08 Acquisition-related Other charges transaction fees (income) 2 - 2 0.01 Other charges Legal settlements (income) 2 - 2 0.01 Fair value adjustments to equity investments Other income (1) - (1) (0.01)

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February 04, 2021 16:10 ET (21:10 GMT)